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| | US Market |  | | NYSE | AMEX | Dow Jones | Nasdaq |  |  |  |  | | Please click on the images to view our interactive charts | | | The major U.S. index futures are pointing to a higher opening on Monday, with sentiment suggesting modest strength even amid a lack of any major economic catalysts. Earnings news has been largely positive, imparting buoyancy to the markets. The mood across the Atlantic is trading notably higher, as the developments on the Greek crisis offer encouragement. The dollar is stronger, as rate hike expectations gain ground, while commodities are mostly weaker. Any optimism generated by earnings and the Greek developments could be kept in check by rate worries.
U.S. stocks advanced solidly in the week ended July 17th amid positive developments regarding the Greek debt crisis and the release of fairly positive domestic earnings.
Last Monday, the major averages ended notably higher on the back of the conditional agreement struck between Greece and the European Union to negotiate a bailout deal. Stocks saw further upside on Tuesday despite the release of a report showing an unexpected pullback in retail sales.
Mixed domestic economic data and anxiety ahead of a Greek parliamentary vote led to choppy trading on Wednesday, with the major averages snapping a 4-session advance by ending modestly lower.
Earnings and waning Greek worries after the Greek Parliament voted in favor of the austerity measures and the European Commission offered bridge financing to the embattled nation helped the markets rebound on Thursday. Positive tech earnings, especially from Google (GOOG), mixed economic data and a sell-off in commodities impacted the markets on Friday, resulting in a mixed close for the major averages.
For the week ended July 17th, the Dow Industrials rose 1.84 percent to 18,087 and the S&P 500 Index closed 2.41 percent higher at 2,127, while the Nasdaq Composite rallied 4.25 percent before ending the week at 5,210.
Among the sector indexes, the NYSE Arca Biotechnology Index jumped 6.16 percent for the week. The KBW Bank Index and the NYSE Arca Broker/Dealer Index also gained 3.17 percent and 2.25 percent, respectively.
On the other hand, the NYSE Arca Gold Bugs Index plunged 9.27 percent and the Philadelphia Housing Sector Index slumped 4.51 percent. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | The unfolding week's economic calendar is light both in terms of numbers and importance. Nevertheless, traders may closely watch a few key reports, including the National Association of Realtors' existing home sales data for June, the Commerce Department's new homes sales data for June, the weekly jobless claims data and flash estimates of Markit's U.S. manufacturing survey for July.
The Federal Housing Finance Agency's house price index for May, the Conference Board's leading economic indicators index for June and announcements concerning next week's treasury auctions of 2-year, 5-year and 7-year notes round up the economic events of the week. |
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Morgan Stanley (MS) second quarter adjusted earnings and revenues were above estimates.
Halliburton (HAL) reported better than expected second quarter results. Hasbro's (HAS) second quarter results also exceeded estimates.
Lockheed Martin (LMT) announced the news that it has agreed to acquire Sikorsky Aircraft for $9.0 billion. The company also plans to seek alternatives for its government IT and technical services businesses.
Yahoo! (YHOO) announced it has filed with the SEC a Registration Statement on Form N-2 in connection with its previously announced spin-off of its remaining stake in Alibaba Holdings (BABA) into a public company to be named Aabaco Holdings.
Immediately after the spin-off, Aabaco will own 384 million shares of Alibaba, representing a 15 percent stake in the company, and a 100 percent ownership interest in a newly formed entity, which will own Yahoo Small Business. The spin-off is expected to be completed in the fourth quarter of 2015.
IBM (IBM), Rambus (RMBS), Sanmina (SANM) and Steel Dynamics (STLD) are among the companies due to release their quarterly results after the close of trading. |
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| | European Markets | | European stocks opened higher and moved sideways in early trading before rallying sharply. The major averages in the region are currently notably higher.
Meanwhile, Greece is set to face a repayment deadline on debt advanced by the European Central Bank today even as the European Commission is expected to extend a 7 billion euro bridge financing to the beleaguered nation. Greece is widely expected to meet the deadline and also pay its arrears to the International Monetary Fund.
The Greek banks, which had been closed for about three weeks in a bid to avert a run, opened today, although capital controls remain in place. As opposed to the daily withdrawal limit of 60 euros per day allowed from ATMs, Greeks can now withdraw 420 euros a week.
Even as the Greek Parliament is set to vote on tougher austerity proposals this Wednesday, German Chancellor Angela Merkel has ruled out any haircut of 30-40 percent of debt, although she did suggest that she is open to negotiating other favorable measures such as lower interest rates, time extensions and other relief.
However, the proposals could only be considered after the review of the bailout program that is currently under discussion.
In corporate news, Swiss bank Julius Baer said its quarterly earnings fell, hurt by litigation charges. Quantum of managed assets also fell, reflecting a stronger franc. France's Alstom reported higher sales for its second quarter despite orders declining.
On the economic front, a report released by the German Federal Statistical Office showed that German producer prices fell 1.4 percent year-over-year in June, in line with expectation, compared to a 1.3 percent drop in May. Excluding energy prices, which declined 4.4 percent, producer prices eased 0.2 percent.
The results of a survey by property tracking website Rightmove showed that the average asking price of a house in the U.K. was up 0.1 percent month-over-month in July following a 3 percent jump to a record high in June. Annually, house prices rose at a faster rate of 4.5 percent. |
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The Asian markets ended on a mixed note, with the Australian, Chinese, New Zealand and Singaporean markets advancing, while most other major markets retreated. The Japanese and Indonesian markets were closed for public holidays.
The markets reacted to the retreat in commodity prices, worries concerning a U.S. rate hike and waning concerns about Greece.
Australia's All Ordinaries Index showed indecision for much of the session, moving back and forth across the unchanged line till late afternoon trading. Thereafter, the average moved firmly into positive territory and hovered above the unchanged line before ending up 16.50 points or 0.29 percent at 5,669.
Consumer, financial, healthcare, industrial and IT stocks rose notably, while energy, material, utility and real estate stocks came under selling pressure.
China's Shanghai Composite Index ended a volatile session up 34.76 points or 0.88 percent at 3,992. Meanwhile, the Hong Kong's Hang Seng Index ended down 10.46 points or 0.04 percent at 25,405. |
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| | Currency and Commodities Markets | | Crude oil futures are edging up $0.05 to $50.94 a barrel after falling $1.85 or 3.5 percent to $50.89 a barrel in the week ended July 17th. The agreement over Iran's nuclear program and the stronger dollar exerted downward pressure on oil last week.
Gold futures, which fell $26 or 2.30 percent to $1,131.90 an ounce in the previous week, are currently tumbling $20.20 to $1,111.70 an ounce. The precious metal lost luster, as the dollar strengthened.
Among currencies, the U.S. stocks rallied strongly in the week ended July 17th, as Federal Reserve Chair Janet Yellen relayed through her two-day Congressional testimony that the initial rate hike will kick in before the end of the year.
Some positive U.S. economic data on industrial production, New York regional manufacturing activity, homebuilder confidence, jobless claims and housing starts also kept sentiment towards the currency upbeat.
The greenback rose 1.11 percent against the yen during the week to 124.09 yen and it gained 2.98 percent against the euro to a 7-week high of $1.0830 a euro.
The U.S. dollar is currently-trading at 124.32 yen and is valued at $1.0846 versus the euro. |
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